Prada Plans to Slash Its Debt
To Revive Long-Delayed IPO

MILAN -- Italian fashion house Prada Holding NV said it plans to cut its net debt by more than half this year in order to improve its balance sheet and revive a long-delayed initial public offering of stock.

Prada Chief Executive Patrizio Bertelli said in an interview that sales of the closely held company's real estate should help reduce net debt to about &euro;290 million ($363.8 million) by the end of this year, from an expected &euro;675 million last year. He also forecast that Prada would report revenue for...